Sep 26, 2018
Manufacturers and industrial companies need to determine whether monetization might compromise the use of the data for strategic improvements that could create a competitive advantage. For example, industrial company GE has invested heavily in machine-generated sensor data for its hardware. Companies need to be particularly responsive to outside compliance requirements driven by government regulators or outside partners who contribute to the data monetization business model. In both cases, legal and technical counsels need to shape policy and ensure compliance . Types of Data Monetization. Internal data monetization - An organization's data is used internally, resulting in economic benefit. This is commonly the case in organizations using analytics to uncover insights, resulting in improved profit, cost savings or the avoidance of risk. We help to discover new, data-driven monetization opportunities that allow companies to leverage their existing customer base and raise their bottom line. Our proactive tools help to meet business challenges by translating data into effective commercial actions, such as highly targeted promotions and store location selection. Data monetization is at an early stage of adoption but is expanding. 17 percent of companies have established data monetization initiatives, a further 12 percent are currently building prototypes and another 10 percent are still developing a concept. Large companies from retail, services, finance and banking are leading the way and, in general Jan 13, 2020 · In addition to selling data, companies can monetize data by finding ways to use it internally to boost revenue, facilitate growth and reduce expenses. Selling data is only one part of the data monetization picture. Here’s a small selection of the ways publishers, marketers and other companies can monetize data internally.
Jan 22, 2016 · There are some concrete examples of practical big data monetization/industry use in the marketing technology world, where companies like Adobe and Circulate monetize data for publishers and platforms very effectively
Five Things to Consider on the Road to Data Monetization With data monetization today, companies typically don’t completely let go of the data they make available to partners, suppliers, customers or others. “You have data aggregated, and you are monetizing relationships you know about in your customer base to make money,” he says. Vehicle Data Monetization: Challenging Yet Promising